Currently, many firms use a data extraction and integration (aggregator) service to provide competitive product premium pricing information for their main analysts and actuaries. These services are primarily a “batch” process to gather information, usually once a day, week, or month. Manual processes are then used to read the information, usually stored in a mass of aggregated information and manually analyzed to make decisions that may affect product premium pricing, reports, and processes. In the property and casualty insurance industry there are a variety of institutions that use an aggregation service to compare competitor product premium prices for the purpose of providing customers with premium quotes. The premium pricing information is usually not current (real-time), so these institutions' product premium prices may not be competitive, possibly resulting in a loss of revenue.
Thus, a way to address the shortcomings of the prior art is needed.